The size of the Wi-Fi chip market is forecast to reach more than $20 billion by 2027, a nearly 9 percent per year growth from 2022.

The demand for Wi-Fi chips will benefit Qualcomm, Broadcom, NXP, Infineon, Synaptics, MaxLinear, and a host of other Wi-Fi chip suppliers, according to Strategy Analytics report.

Strategy Analytics predicts 7.5 percent per year growth in Wi-Fi system shipments as Wi-Fi penetration increases in smart home, home entertainment, and other applications.

Smart homes and home entertainment devices will account for 70 percent of the growth of Wi-Fi systems shipped between now and 2027.

Strategy Analytics said the power-saving capabilities of Wi-Fi 6 will lead to greater adoption in home automation at the expense of mesh networking protocols such as Z-Wave and ZigBee.

There will be growing adoption of Wi-Fi for industrial internet of things applications, for example using HaLow for outdoor and longer-range use cases.

The wearables and automotive segments will rank high in terms of percentage growth in Wi-Fi equipped device shipments, Christopher Taylor, Director of the RF & Wireless Components Service at Strategy Analytics, said.